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From: TFF5/27/2009 4:57:30 PM
   of 12617
 
NYSE to launch US index futures in Q3
Wed May 27, 2009 12:17pm EDT

* NYSE Liffe Clearing set to launch July 27

* NYSE Euronext plans to launch US index futures in Q3

NEW YORK, May 27 (Reuters) - Market operator NYSE Euronext (NYX.PA)(NYX.N) said on Wednesday it received approval in principle from UK regulators to launch a derivatives clearinghouse there, called NYSE Liffe Clearing.

The parent of the New York Stock Exchange said the London-based clearinghouse would begin operating on July 27.

NYSE Euronext, whose derivatives business is concentrated in Europe, said on Tuesday it planned to launch several index futures on its new U.S. derivatives exchange, called NYSE Liffe US. The stock index futures would be based on U.S. and European equity markets and would begin trading in the third quarter.

The moves come two weeks after the U.S. government announced plans to require all over-the-counter derivatives products to run through a clearinghouse, which acts as counterparty to every trade. The government also wants standardized derivatives contracts traded on exchanges.

NYSE Liffe Clearing would handle derivatives on interest rates, stocks, indexes, bonds, commodities and currencies. Late last year, it began clearing credit default swaps -- which have been blamed for their role in the financial crisis -- but has had little success gaining traction.

NYSE Euronext's index futures would compete with Chicago-based CME Group Inc (CME.O), which runs the Chicago Mercantile Exchange. The New York-based company said last month it signed a nonbinding agreement for "several leading market participants" to take an equity interest in NYSE Liffe US. (Reporting by Jonathan Spicer; Editing by Steve Orlofsky)
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